An Interesting Starting Point for an Entrepreneur’s Career – Story of Uber Revealed!
Startups are the hottest business in town nowadays and this book looks at the birth of one of the most popular startups of recent times – Uber! The Startup Companies of the New York Times Best-selling author Laura Hendrickson offers you the behind the scenes story of how an innovative company was created with limited funds and people with absolutely no experience in ride-sharing or transportation. Learn about the backgrounds of the founders, how they started their company, the journey through the legal battles that kept them afloat, and the ultimate success of uber. This is a must-read for any budding entrepreneur!
The Startup of Uber: The Birth of a Paradigm Shifting Company traces the origins of this darling business from its humble beginning to its current valuation of more than $70 billion. As the fastest growing tech company in the world, it has revolutionized the industry by changing the way people think about transportation. In 2021, Uber became one of the first “zipping” companies, with customers travelling via the mobile app instead of their car. Today uber has many other ways to take people where they want to go.
After the highly successful launch of the app, the then CEO Travis Kalanick stepped back to re-launch the company as an enterprise, taking over the responsibility of the chief executive role. During this period, Jeffrow served as chief marketing officer, Peter Thiel was named CFO, Andudi LaBeirne held the title of CIO. At this point, the company had just launched its mobile app for iPhone and Android and was quickly becoming a powerhouse in the taxi and ride-sharing industry. Investors swooned, and after heavy funding by Tiger Woods and Google, Uber was valued at more than $70 billion.
A year later, news hit that the Transportation Security Administration was going to fine Uber for using an unlicensed smartphone driver without insurance. This set off a chain of events that would forever change the landscape of the ride-sharing space. The next month, Uber experienced yet another crisis when an employee was seriously injured in a collision during a ride in San Francisco. This caused the company to lose investor confidence, and Travis Kalanick stepped down as CEO. Soon after, former employees spoke out against the company, claiming that the culture of the company was completely different from the one he had envisioned.
Since then, the story of Uber has been fascinating. Kalanick returned, along with a few of his closest engineers, to try and right the ship. Ultimately, the company has lost more money than it’s made, and it has also run into legal troubles. While some of the blame can be placed on Kalanick and the rest of the leadership team, there are plenty of reasons why the startup failed to meet expectations.
In the aftermath of these events, we now have a clear picture of how difficult it is for a new startup to raise large amounts of venture capital. There is no doubt that the story of Uber will continue to go viral as entrepreneurs around the world embrace the concept of ridesharing. If you’re a venture capitalist who has invested in a few startups in the past, you’ve undoubtedly looked at the numbers and realized that it is difficult to evaluate the value in a startup based solely on an investment level or revenue projections. While this is especially true in the early days, as companies grow they may provide more utility value to justify additional investments. But it is unrealistic to think that you can always count on future revenue to justify current expenses, especially as most of today’s most successful companies have long since ceased trading. What do you think the next few months will bring?
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